Es - 10/29/03

funky · Oct 29, 2003

Quote from dbphoenix:

Gotcha. I take the first failure.

'

you'll get killed doing that :eek:

funky · Oct 29, 2003

Quote from dbphoenix:

Definitely a day for playing pivot levels and price R.

every day is a day for playing pivot levels!!!

dbphoenix · Oct 29, 2003

Quote from funky:

you'll get killed doing that :eek:

Not with futures. If the price hits the pivot level and fails, the probabilities are strongly in favor of continued failure. Waiting for another test generally means missing the trade altogether. Or having to chase it. This tactic has failed only once today.

dbphoenix · Oct 29, 2003

Quote from funky:

every day is a day for playing pivot levels!!!

Not every day. Trend days, for example.

funky · Oct 29, 2003

Quote from dbphoenix:

Not with futures. If the price hits the pivot level and fails, the probabilities are strongly in favor of continued failure. Waiting for another test generally means missing the trade altogether. Or having to chase it. This tactic has failed only once today.

what do you do when price whipsaws around a pivot level?

funky · Oct 29, 2003

Quote from dbphoenix:

Not every day. Trend days, for example.

on trend days, price rarely fails twice on a pivot and then continues....i'm using a 5min chart here..

dbphoenix · Oct 29, 2003

Quote from funky:

what do you do when price whipsaws around a pivot level?

It rarely does. But if I get stopped out, I just take the next entry op. This works best, of course, when pivot levels aren't backed up against each other. On a day like today, it's like going to the ATM.

dbphoenix · Oct 29, 2003

Quote from funky:

on trend days, price rarely fails twice on a pivot and then continues....i'm using a 5min chart here..

I'm not getting you. If it didn't continue, it wouldn't be a trend day. The only use I find for pivot levels on trend days is of hurdles that have been jumped, at which point I may want to use them for tightening stops, though I prefer to wait until I've reached my target.

Again, I'm talking about futures here. The situation may be different for ETFs.

acrary · Oct 29, 2003

7.25 pt. range so far for day session. If this becomes the average range then I'm done with the ES. Very tough getting good r/r trades. DAX....here I come...

EMini-Player · Oct 29, 2003

Quote from acrary:

7.25 pt. range so far for day session. If this becomes the average range then I'm done with the ES. Very tough getting good r/r trades. DAX....here I come...

I've only been watching the DAX for 3 days but I like it

-Fast